MK Land to focus on affordable homes

PETALING JAYA: MK Land Holdings Bhd’s strategy to turn around the company amid the current economic slowdown will see the property developer focusing on medium-cost and affordable homes, said chief operating officer Lau Shu Chuan.

The turnaround planto be carried out in three phases was expected to be completed in three to five years, depending on the market outlook, he said yesterday after the company AGM.

“We are at phase one now where we are strengthening our cashflow positions and transforming into a more structured and focused entity,” Lau said.

“We are now returning to black with positive first quarter results and will move forward with the turnaround plan.” For the first quarter ended Sept 30, MK Land posted RM4.91mil net profit compared with a net loss of RM8.45mil a year ago.

For the financial year ended June 30, the company posted a net loss of RM60.9mil.

Although the property sector was softening, it would navigate around that by offering a good mix of products, Lau said.

“We build niche property, medium and also affordable houses. In other words, we offer different type of products for different markets. If market is looking for more affordable house, we have the products for them. By this, we are able to position ourselves to take advantage of different market situations,” he said.

From July to November, MK Land sold RM54mil worth of properties including apartments and shop offices, while projects valued at RM23mil ar are being built.

Lau said although the group did sell plots of lands, the main focus would be on selling completed properties, adding that there would be new property launches next year.

However, he declined to offer details on the new property launches.

By The Star